American Credit News

Bank of America has introduced a new banking solution aimed at helping parents guide their children in developing sound financial habits. The product, SafeBalance Banking® for Family Banking, is designed to provide parents with the necessary tools and resources to teach their children money management through a secure digital platform.

Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued a statement on Senator Dick Durbin’s recent legislation targeting American companies and workers who have opposed the Durbin Marshall Credit Card Bill.

Senator Tim Scott (R-S.C.) has introduced the Empowering Main Street in America Act, aimed at revitalizing businesses and broadening access to capital markets. The legislation has garnered support from a diverse group of stakeholders.

The House Financial Services Subcommittee on Financial Institutions and Monetary Policy, chaired by Andy Barr (KY-06), is conducting a hearing titled "Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of Hurried Rulemaking Undertaken by the Administration."

The American Fintech Council (AFC) has expressed support for the Department of the Treasury's recent approach to artificial intelligence (AI) in the financial services sector. Ian P. Moloney, AFC's Senior Vice President and Head of Policy and Regulatory Affairs, commended the Department’s efforts.

Pollsters are closely monitoring the East Coast states of Pennsylvania, North Carolina, and Georgia as Election Day approaches. A recent Washington Post poll from Pennsylvania highlights the tight race for the White House and its impact on down-ballot races.

The House Financial Services Committee has announced the postponement of a hearing initially scheduled for Thursday, September 26, 2024. The hearing was to be held by the Housing & Insurance Subcommittee and titled "Vanishing Independence: How FHFA’s Political Agenda Endangers Homeowners and Taxpayers."

Ranking Member Tim Scott (R-S.C.) participated in a Punchbowl News event centered on small business and the economy. At the event, Scott discussed his Empowering Main Street in America Act, aimed at improving access to capital for entrepreneurs, adjusting regulations for small and newly public companies, and creating investment opportunities within communities.

A group of Democrat Senate and House members have reintroduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act. This legislation, which has been introduced in the last two Congresses, faces opposition from the American Financial Services Association (AFSA). The bill seeks to prohibit convenience checks and require state-licensed installment lenders to register with the Consumer Financial Protection Bureau (CFPB).

Senator Tim Scott (R-S.C.), the Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, has introduced a comprehensive bill aimed at revitalizing businesses and opening up capital markets to more Americans. The Empowering Main Street in America Act is designed to boost avenues for capital formation that create jobs and generate economic growth.

The House Financial Services Committee, chaired by Patrick McHenry (NC-10), is holding a hearing today to oversee the Securities and Exchange Commission (SEC). All five SEC Commissioners are testifying together before the Committee for the first time since 2019. This provides an opportunity to hear the diverse viewpoints of the full Commission.

The Bank of America Chicago Marathon has made a substantial impact on the local economy, contributing a record $547 million in 2023. This represents a 42% increase from the previous year's $386 million, according to an independent study by Jones & Associates Economics.

The Independent Community Bankers of America (ICBA) has expressed concerns over the increasing number of acquisitions of tax-paying banks by tax-exempt credit unions.

The American Fintech Council (AFC) has announced the addition of Spring Labs as its newest member. Spring Labs, founded by experienced fintech entrepreneurs, focuses on using AI-driven technology to help financial institutions streamline operations and enhance productivity while maintaining high compliance standards. This membership aligns Spring Labs with other companies dedicated to creating a more transparent and efficient future for financial services.

The Electronic Payments Coalition (EPC) has issued a response to the recent antitrust suit filed by the U.S. Department of Justice against Visa. The statement, released by EPC Executive Chairman Richard Hunt, criticizes the government's approach towards payment networks.

Bank of America plans to open more than 165 new financial centers across 63 markets by the end of 2026. This includes nearly 40 centers set to open this year, in addition to over 100 centers opened in the last two years.

Barclays has announced the appointment of Antonio (Tony) Castañon as Chief Operating Officer for its US Consumer Bank and Barclays Bank Delaware. In this role, Castañon will manage the bank's consumer operations across the United States.

Ahead of a scheduled hearing with the full Securities and Exchange Commission (SEC), Republicans from the House Financial Services and Senate Banking, Housing, and Urban Affairs Committees have called on SEC Chair Gary Gensler to rescind Staff Accounting Bulletin (SAB) 121. The letter was led by Chairman Patrick McHenry (R-NC) and Senator Cynthia Lummis (R-WY).

The Association of Military Banks of America (AMBA) has announced the promotion of Andia Dinesen from Executive Vice President of Communications and Operations to Chief Operating Officer (COO). With AMBA’s increasing focus on growth, innovation, and strategic engagement, Dinesen’s enhanced responsibilities will include an emphasis on driving strategic execution and operational excellence of AMBA’s programs. She has been a significant contributor to the organization since she joined in 2013.

Bank of America Corporation announced today that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z (CUSIP No. 060505EM2), liquidation preference $25,000 per share (the “Preferred Stock”), and the corresponding depositary shares each representing a 1/25th interest in a share of the Preferred Stock (CUSIP No. 060505EL4) (the “Depositary Shares”).